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  • Mike Paterson

Fragile risk tones prevailing still

Thursday 29 December 2022

We've seen a retreat again in equity and oil markets. Gold has found a base above $1800 with geopolitical risk in Ukraine returning to the headlines sadly but not unexpected. Mixed signals on month/year end USD flows atm.

Remember, focus on the price action and let the algos do the heavy lifting/dropping. The important thing is to identify your preferred risk/reward entry/exit levels.

Thanks again for your business this year. We do hope we've helped add/save you some pips along the way. It's really why we do this. Looking to develop a few tweaks for you too in the New Year. Please mail me with any ideas/suggestions to add to our list. Your feedback is important to us.

GBPUSD: A hold of the lkey/psychological 1.2000 support area but a failure around 1.2120 this time and in retreat again but bouncing off 1.2020 as I type. Good two-way business whatever your bias. I remain poised to re=sell ralies still. EURGBP: 0.8860 resistance capping the Xmas rally but 0.8800 has become the new support line and still underpinned since the hawkish ECB tones.GBPJPY: Suport now at 160.50 as core pairs find dip demand but sellers capping the rally at 162.50 amid the softer risk tones.

EURUSD: A decent hold at the 1.0600 line yet again after capping at 1.0675 as the USD jury remains out. Rinse n repeat still. This is not rocket science.USDJPY: Support around 133.50 now after failing at 134.50 in its post-BOJ consolidation rally . I prefer the rally-sell side still and some pips duly banked. EURJPY: Support now at 141.80 now amid general EUR demand but rallies tempered by softer-risk JPY demand. Should continue to find some consolidation down here. USDCHF: Capping around 0.9280 now and testing the 0.9220-30 support amid softer USD tones and with CHF demand overall as I've been warning. EURCHF: Capping at the 0.9880 res area as we continue to range. Good two-way pips still.

AUDUSD: Good support around 0.6720 now after failing into 0.6800 yesterday as we continue to range. I remain a rally seller but good two-way business still. GBPAUD has been in steady decline as the Pound loses ground across the board but holding 1.7750 so far. NZDUSD capped into 0.6350 this time after the hold of 0.6260 but heading down into 0.6300 again as I type. GBPNZD 1.8950-1.9150 and now breaking up through 1.9100 as NZDUSD retreats again.USDCAD: Holding around 1.3480 yesterday and support at 1.3575 as oil price falls again.Mixed USD tone and oil price to bring more two-way business overall.

Let's continue to be careful out there.

Interbank rates: 08.50 GMT

GBPUSD 1.2040

EURUSD 1.0633

EURGBP 0.8830

GBPEUR 1.1320

GBPJPY 160.87

GBPCAD 1.6388

GBPCHF 1.1141

GBPZAR 20.4830

GBPHKD 9.3870

USDJPY 133.60

EURJPY 142.07

EURCHF 0.9840

EURHKD 8.2924

AUDUSD 0.6730

NZDUSD 0.6313

USDCAD 1.3600

USDCHF 0.9254

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